NW Natural posts drop in 2011 earnings

The utility (NYSE: NWN) reported earnings of $63.9 million, or $2.39 per share, in 2011, compared to earnings of $72.7 million, or $2.73 per share, a year earlier.

Earnings were dragged lower by the equivalent of 17 cents per share by the repeal of utility tax legislation in Oregon that had been in effect since 2006.

"Despite the regulatory and economic headwinds we faced, 2011 was a good year on many fronts for NW Natural," said CEO Gregg Kantor. "In addition to passing along lower commodity prices to our customers and maintaining our high customer satisfaction ranking in the J.D. Power national survey, the company completed a landmark gas reserves investment that will benefit our customers and shareholders in the years ahead."